VF Beneish M-Score Historical Data
The historical data trend for VF's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
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VF Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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|
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|
|
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-2.61 |
-2.49 |
-2.63 |
-2.16 |
-1.88 |
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VF Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.96 |
-1.88 |
-2.21 |
-2.51 |
-3.18 |
Competitive Comparison
For the Apparel Manufacturing subindustry, VF's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
VF Beneish M-Score Distribution
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, VF's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where VF's Beneish M-Score falls into.
VF Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of VF for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.9078 | + | 0.528 * 1.0164 | + | 0.404 * 0.9039 | + | 0.892 * 0.925 | + | 0.115 * 1.6277 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0417 | + | 4.679 * -0.118558 | - | 0.327 * 1.0961 |
| = | -3.18 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $1,314 Mil.
Revenue was 2960.283 + 3034.239 + 2086.336 + 2739.613 = $10,820 Mil.
Gross Profit was 1632.412 + 1555.211 + 1101.067 + 1358.024 = $5,647 Mil.
Total Current Assets was $4,936 Mil.
Total Assets was $12,616 Mil.
Property, Plant and Equipment(Net PPE) was $2,228 Mil.
Depreciation, Depletion and Amortization(DDA) was $304 Mil.
Selling, General, & Admin. Expense(SGA) was $4,916 Mil.
Total Current Liabilities was $3,997 Mil.
Long-Term Debt & Capital Lease Obligation was $5,889 Mil.
Net Income was -42.452 + -450.697 + -57.425 + -214.892 = $-765 Mil.
Non Operating Income was -227.067 + -3.51 + -3.567 + -318.966 = $-553 Mil.
Cash Flow from Operations was 1125.008 + -182.836 + 163.575 + 177.677 = $1,283 Mil.
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Total Receivables was $1,565 Mil.
Revenue was 3530.667 + 3080.6 + 2261.595 + 2824.664 = $11,698 Mil.
Gross Profit was 1937.619 + 1582.423 + 1218.613 + 1465.872 = $6,205 Mil.
Total Current Assets was $5,244 Mil.
Total Assets was $14,313 Mil.
Property, Plant and Equipment(Net PPE) was $2,226 Mil.
Depreciation, Depletion and Amortization(DDA) was $540 Mil.
Selling, General, & Admin. Expense(SGA) was $5,102 Mil.
Total Current Liabilities was $4,546 Mil.
Long-Term Debt & Capital Lease Obligation was $5,686 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (1314.139 / 10820.471) | / | (1564.957 / 11697.526) |
| = | 0.121449 | / | 0.133785 |
| | = | 0.9078 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (6204.527 / 11697.526) | / | (5646.714 / 10820.471) |
| = | 0.530414 | / | 0.521855 |
| | = | 1.0164 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (4935.926 + 2227.69) / 12616.474) | / | (1 - (5243.982 + 2225.704) / 14313.297) |
| = | 0.432201 | / | 0.47813 |
| | = | 0.9039 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 10820.471 | / | 11697.526 |
| | = | 0.925 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (540.302 / (540.302 + 2225.704)) | / | (303.8 / (303.8 + 2227.69)) |
| = | 0.195337 | / | 0.120008 |
| | = | 1.6277 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (4915.711 / 10820.471) | / | (5101.637 / 11697.526) |
| = | 0.454297 | / | 0.43613 |
| | = | 1.0417 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((5889.001 + 3997.283) / 12616.474) | / | ((5686.185 + 4546.234) / 14313.297) |
| = | 0.783601 | / | 0.714889 |
| | = | 1.0961 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (-765.466 - -553.11 | - | 1283.424) | / | 12616.474 |
| | = | -0.118558 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
VF has a M-score of -3.18 suggests that the company is unlikely to be a manipulator.
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